DUBLIN, June 21, 2023 /PRNewswire/ — The “India Electric Bus Market, 2018- 2028F” report has been added to ResearchAndMarkets.com’s offering.
India Electric Bus Market is expected to grow from USD 219.42 million in 2022 to USD 865.70 million in 2028, growing with a CAGR of 26.20%
India is heading towards rapid adoption of green energy vehicles through various government initiatives, subsidies which boost the sales of public electric vehicles across the country to drive the India electric bus market in the upcoming years.
The demand for electric buses in India is rising along with the demand for low-emission, fuel-efficient public transportation. The growth is also being fueled by a number of government programs to cut carbon emissions, the expansion of the infrastructure for charging, and improvements in battery technology.
Based on propulsion, there are two categories of electric buses: BEV and FCEV. Due to its zero emissions, BEV, which is wholly powered by rechargeable batteries, is becoming more and more popular. FCEV uses hydrogen fuel cell as its power source.
Currently all the electric buses which are sold in India are battery operated, which contribute around 9.8% of total buses sold in financial year 2022. The FCEV market has additional development potential for both intra and intercity travel in the future years.
Increasing demand for emission free and energy efficient transport
One of the main contributors to greenhouse gas emissions is the transportation industry. Under the FAME II initiative in India, the government is prioritizing the transition to clean mobility as well as the quicker adoption and manufacturing of electric buses, making them more accessible.
Long-range electric buses are being funded by well-known companies such as Tata Motors and PMI Electro Mobility Solutions for intercity travel with shorter charging times. Currently, state transportation agencies are taking advantage of governmental incentives. In the future years, a surge of private bus operators will penetrate the market owing to the deployment of charging infrastructure in every region of the nation.
Technological Improvement
Rapid technological advancements in battery capacity, increased comfort, increased battery range, shorter charging times, lower maintenance requirements, and a contribution to the reduction of pollution are all factors driving the growth of the India electric bus industry.
Owing to additional advantages over other batteries in terms of energy density, resulting in better range and quicker charge times, lithium-ion batteries are quickly gaining popularity.
Increasing demand for FCEV Bus
The government is promoting green energy by increasing environmental consciousness and focusing on cost-effective transportation. The FCEV buses are powered by hydrogen fuel cell for electrically driven wheels. Hydrogen fuel cell technology is emerging as a promising alternative for replacing fossil fuels due to high range and less refueling time.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India electric bus market
- Tata Motors Ltd.
- Olectra Greentech Ltd.
- PMI Electro Mobility Solutions Pvt. Ltd.
- JBM Auto Ltd.
- Ashok Leyland Ltd.
- Eicher Motors Ltd.
- Mytrah Mobility Pvt. Ltd.
- Mahindra & Mahindra Ltd.
- Bharat Heavy Electricals Ltd. (BHEL)
- VE Commercial Vehicles Ltd.
Report Scope:
India Electric Bus Market, By Propulsion Type:
India Electric Bus Market, By Length of Bus:
- 10.1 to12 m
- 8.1 to 10 m
- up to 8 m
- more than 12 m
India Electric Bus Market, By Range:
- 151-250 km
- <_51 />
- > 250 km
India Electric Bus Market, By Battery Capacity:
- <_01 />
- 201-300 kWh
- > 300 kWh
India Electric Bus Market, By Application:
- Intracity
- Intercity
India Electric Bus Market, By Seating Capacity:
- 31-40 seats
- more than 40 seats
- up to 30 seats
India Electric Bus Market, By Region:
- West
- North
- South
- East
For more information about this report visit https://www.researchandmarkets.com/r/k37m06
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SOURCE Research and Markets
